XN000022-1989-07-25 — Page 3

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TUESDAY, JULY 25, 1989

SIR DAVID SAID HE WAS SORRY THAT SIR GEOFFREY WAS PRESENT POST.

LEAVING HIS

HE POINTED OUT THAT SIR GEOFFREY HAD BEEN VERY DEEPLY INVOLVED IN HONG KONG AFFAIRS AND HAD BEEN A GREAT FRIEND TO HONG KONG.

"BUT IT IS FORTUNATE THAT HE WILL BE THERE AS DEPUTY PRIME MINISTER. SO THERE WILL BE SIR GEOFFREY HOWE IN THE BACKGROUND KNOWING ABOUT OUR AFFAIRS. HE SAID.

T

FS CONFIDENT HK CAN CONTINUE TO PROSPER

THE FINANCIAL SECRETARY, SIR PIERS JACOBS, SAID TODAY THAT NOTWITHSTANDING THE EXISTENCE OF MANY PROBLEMS, HE CONFIDENT THAT HONG KONG CAN CONTINUE TO PROSPER IN FUTURE AS DONE SO IN THE PAST.

TUESDAY} REMAINS IT HAS

KONG'S

FACT

HE SAID HIS CAUTIOUS OPTIMISM WAS BASED ON HONG

THE HEALTHY ECONOMIC FUNDAMENTALS, ITS LEGENDARY RESILIENCE AND THAT HONG KONG WAS, IN ITS OWN RIGHT, A TRADING CENTRE FOR THE WIDER ASIA-PACIFIC REGION.

"WE HAVE PLAYED AN ACTIVE ROLE IN THE DEVELOPMENT OF THE REGION AND THIS HAS BEEN SO DESPITE ANYTHING THAT HAS TAKEN PLACE IN CHINA OVER THE YEARS.

"THERE IS NO REASON WHY HONG KONG SHOULD NOT IN FUTURE PLAY ITS PART IN THE CONTINUING DYNAMIC DEVELOPMENT OF THE PACIFIC RIM," HE SAID.

SPEAKING AT THE BIMONTHLY LUNCHEON OF THE FEDERATION OF HONG

THAT KONG INDUSTRIES, SIR PIERS NOTED

HE DID NOT. FOR A MOMENT, PRETEND THAT HONG KONG'S FUTURE WAS WITHOUT PROBLEMS.

"NOR AM I SUGGESTING THAT THE RECENT ECONOMY WILL CONTINUE, COME WHAT MAY.

"WHAT HAS HAPPENED IN CHINA RECENTLY FOR HONG KONG IN TERMS OF ITS TRADE, AND THIS IGNORE.

DRAMATIC GROWTH OF OUR

MUST HAVE IMPLICATIONS

A IS

FACT WE

CANNOT

"BUT IT IS EQUALLY IMPORTANT THAT WE DO NOT OVER-REACT TO SINGLE EVENTS OR CHANGES IN DIRECTION, HE SAID.

LOOKING BACK OVER THE YEARS, SIR PIERS SAID ALWAYS EXPERIENCED VOLATILITY.

HONG KONG

HAD

/"WE HAVE